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Newberg Reverse Mortgage Lenders
All Reverse Mortgage, Inc. (ARLO™) is proud to be Oregon's #1 Rated Reverse Mortgage Lender by the BBB with a Perfect 5.0 Stars and A+ Exemplary Rating. We currently lend in 16 states and our headquartered in Southern California.
All Reverse Mortgage was incorporated in CA November 2004 and as the name implies, the only loan product that All Reverse Mortgage, Inc. (ARLO™) originates is in fact, the reverse mortgage.
We’re committed to be your lender because you deserve the best rate at the lowest price possible.
We’re a HUD Approved direct lender lending the national HECM programs and offer a suit of Non-FHA & Jumbo Reverse Mortgages to better suit homeowners in SoCal with higher value homes over the national 2023 lending limit of $1,089,300.
We welcome you to compare our reviews and our lower rates and closing costs to any other major lender! The difference is clear, and we can’t wait to show you!
Newberg Reverse Mortgage Facts
|City||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Newberg (est)||Avg. Home Value|
HUD Approved Direct Lender
All Reverse Mortgage, Inc. (ARLO™) is approved with the Department of Housing and Urban Development (HUD) to originate, underwrite and close the HUD Home Equity Conversion Mortgage (HECM, or "Heck-um"). The HECM is HUD's acronym for their reverse mortgage loan.
All Reverse Mortgage, Inc. (ARLO™) originates in Newberg and closes both refinance loans, where borrowers already own their home and are looking to either pay off their existing loan and have no more monthly mortgage payment, utilize their equity for other purposes if they have no existing loan, or possibly a combination of both.
About All Reverse Mortgage®
The owners and management of All Reverse were part of the team that wrote and sold the first fixed rate jumbo reverse mortgage in 2008 and as such, have extensive experience in jumbo or proprietary loan programs as well. We are always looking for new products to offer to borrowers of high valued homes in the higher home priced markets that the HUD HECM may just not serve as well. Jumbo or proprietary programs typically offer much lower Principal Limits as they relate to values though so not all borrowers are better served with the jumbo programs.
Only a seasoned originator can readily inform borrowers which program will best suit their needs and the positives and negatives of each so that the borrower can make an informed decision. It is no longer uncommon anywhere in the country for a market to be a solid HUD HECM market and then within just a short distance for a niche jumbo market to be located where there is a need for a jumbo program.
Therefore, homeowners aged 62 and above in all markets have seen that the reverse mortgage can be a very solid financial tool and many are now seeking the reverse mortgage to augment their retirement plans and not so much as a mortgage of last resort. Everything from the elimination of the existing mortgage payments to the line of credit that grows that grows make reverse mortgage borrowers understand that this program allows them to utilize their homes to not only live comfortably in their family home, but to plan for the future as well.
Located just outside of Portland and as part of that city’s major metropolitan area, Newberg is a town of roughly 24,000 people according to 2019 estimates and is primarily known as the home of George Fox University, a private Christian post-secondary school with much of its own history tied to that institution.
In the mid-1800s, fur trapper and trader Ewing Young, who hailed from the state of Tennessee, had been running supply-transporting “fur brigades” as they were called throughout the state of California. After being successful in the Golden State, in 1834 Ewing made the journey to neighboring Oregon, where he settled on the west bank of the Willamette River by the Chehalem Creek, and built a house that scholars believe to be the first European-American home built on that side of the river.
After nearby settlers followed Ewing to the area, a community known as “Chehalem” after the creek was formed, but it eventually came to be known by the moniker of “Roger’s Landing,” named after early settler Joseph Rogers. By 1883, the community was platted and by 1889, the town was officially incorporated. However, following tradition which says that a town be named after its first postmaster, it chose Sebastian Brutsher for the honor and — after his native Neuberg in the Main-Kinzig district in Hesse, Germany, the new town was renamed to the anglicized “Newberg.”
Newberg became one of the first communities in Oregon to hold services for people identifying with the Quaker faith. Interestingly, the city’s weekly newspaper, the Newberg Graphic, still runs on a weekly basis in the city to this day, now owned by the Pamplin Media Group. In December of 1888, the school known as Friends Pacific Academy was formed by a group of Quakers. The institution was renamed Pacific College in 1891, finally settled on its current name, George Fox University, in 1949 after Quaker founder George Fox, who lived in the 17th century and rebelled against the religious and political authorities of the day by proposing an uncompromising approach to the practice of Christianity.
Interestingly, an early student of the then-Friends Pacific Academy in the mid-1880s was a young man who would one day ascend to the highest office in the United States government: Herbert Hoover, who became the 31st President of the United States in March of 1929, just prior to the onset of the Great Depression.
Newberg also has another unusual component to its history: in the early 1970s, Newberg was the site to which the first domesticated llama was brought, and this ultimately allowed Newberg to become a key area and leader of llama breeding in the Pacific Northwest by the early years of the following decade.
Unsurprisingly, much of Newberg’s community revolves around the presence of George Fox University, which is the premiere site of cultural expression and economic activity in the town. Newberg has a vibrant local theater scene further bolstered by its proximity to Portland, but interestingly the largest employer in the area is dental equipment manufacturer A-dec. With over 800 employees, A-dec more than doubles the roughly 400 people employed by George Fox University, which also features a 25,000-square-foot training facility which doubles as a showroom for dental professionals to view the company's products.
While not a sizable component of the city, Newberg nonetheless features a vibrant community of seniors who have settled in the area for its picturesque scenery and more modest cost of living when compared with nearby metropolitan Portland, and carries the town motto of “A Great Place to Grow.”
Newberg Lending Limits
12 percent of Newberg’s population is made up of seniors that are at least 65 years old, based on U.S. Census Bureau data. Of Newberg’s senior population, 65 percent (accounting for over 1,000 households) are also homeowners as opposed to renters. That means there’s a dedicated community of seniors that call Newberg their long-term home.
Thousands of the senior households in Newberg may be eligible to obtain a reverse mortgage. Several of these older homeowners have already done their research and begun using reverse mortgages to support their retirement needs.
Compared with the average home price in Oregon, Newberg’s median home price is greater than the rest of the state at $544,687, according to the Zillow Home Value Index as of January 2023. Prices in the area have increased 18.9% over the past year.
Some homes in Newberg may be worth more than this median value. If your home has been appraised for more than the HUD lending limit of $1,089,300, you may still be able to tap into your home equity with the help of a reverse mortgage.
If you're a homeowner who fits this description and you're interested in using a reverse mortgage to supplement your retirement, you might want to consider a jumbo reverse mortgage, from which you may be able to access a greater portion of your home equity than you otherwise would with a FHA-insured HECM loan.
Reverse mortgages might not be the perfect solution for every homeowner, but depending on your particular situation, a HECM could be something to consider as you approach your retirement years.
If you reside in Newberg All Reverse Mortgage, Inc. (ARLO™) is here to answer your questions. Access our online calculator to estimate your reverse mortgage lending limit or call us Toll Free (800) 565-1722
Additional Oregon Lender Resource Links:
Reversemortgage.org NRMLA Members in OR: https://www.reversemortgage.org/Find-a-Lender/state/OR
HUD.GOV Approved Lenders in Oregon for HECM Loan
Our Exclusive Programs Designed to Fit Your Needs
All Reverse Mortgage© has consistently brought exclusive offers to our valued San Jose homeowners. Because of our unique process we're able to offer a better federally-insured reverse mortgage with no compromise.
Take a look at some of our program benefits that you won't find elsewhere:
|Exclusive 6.680% (8.094% APR) Fixed Rate for Life|
|Government Insured & Jumbo Proprietary Programs|
|Flexible Credit Lines 6.67% (2.00 Margin) with the Industries Lowest Lifetime Rate Exposure|
|ZERO Origination Fee Options|
|ZERO Financed Closing Cost Options (*on select jumbo programs)|
|ZERO Monthly Servicing Fees on ALL programs|